Now that you are about to enter real forex trading, you have to pick one from the many forex accounts available。You see, every choice seems too good to refuse.。So let me help you distinguish which forex accounts are right for you!

How many types of foreign exchange accounts are there?？

If you ask this question to every forex broker, each broker will eventually give a different answer due to advances in information technology and computers。However, I would categorize them by the category that best represents them as follows:

① Standard Foreign Exchange Account

What is TA?？

Standard Forex accounts meet the general needs of traders; risk and reward balance, good service and fair prices。

This is the most boring and common type of forex account。Especially if you don't like surprises, this is the preferred account for general use。From spreads to commissions are adjusted to meet the needs of most customers。

EUR / USD in one hand equals $100,000, but you don't have to invest that much money because of the leverage of the broker。This huge amount of money can generate a profit gain of about $10 in a single point of fluctuation.。Therefore, if the price changes by 100 points, you can make a profit of $1,000 on your position.。And vice versa, if it goes against you, you will lose the same amount of money。

● Advantage

Maximum profit potential。Yes, $10 / pip can make a huge profit relatively quickly。Provided you know what you're doing。

Better security and service。After giving your agent a large sum of money, you deserve it!

Fair prices and transaction costs.。All the people cheered for his standard because he offered us low spreads and low commissions。

● Shortcomings

◇ High margin requirements。You need to deposit a huge amount of money, with a minimum amount of about $5,000-10,000, to start trading in a standard forex account。

The biggest potential loss。As the saying goes, "No pain, no gain."。Do you still need me to elaborate？

② Mini foreign exchange account

What is TA?？

Mini Forex account with low minimum capital requirements and low risk is the first choice for beginners。

While mini forex accounts aren't as big as their dull cousins, that doesn't mean mini forex accounts are less fun, especially when it comes to affordability and flexibility.。

The mini-account has a mini-hand value of about $10,000, and every point of fluctuation brings a $1 gain。At first glance, this may seem insignificant compared to a standard account, but it also makes a mini forex account the first choice for beginners。In essence, such accounts are less risky and less tolerant。Therefore, you may occasionally make some mistakes, but at least your savings will not be exhausted quickly。

Some brokers decided that mini accounts were not small enough and developed smaller versions。So, micro-accounts are basically just one-tenth the size of mini-accounts。

● Advantages

Least possibility of loss。Its tolerance is high, you can let yourself slip occasionally, but don't get into the habit!

◇ Minimum margin requirements。With a mini-lot, the broker will charge you a lower minimum margin requirement, no doubt about it。

Lowest transaction costs。Some brokers will even offer no spreads or no overnight interest on this particular account.

● Shortcomings

Minimum profit potential。With only $1 / point fluctuations, you can earn more by working part-time。

Service quality problems。At this point, if you suspect that most mini forex accounts are run by trading desk brokers, you are dead wrong, son!。Is their offer fair?？

③ Foreign exchange account

What is TA?？

Managing Forex Accounts allows fund managers to manage your trading account through security protocols。

As written on the box, your forex account may be "hacked" by an individual fund manager。But don't worry, it's not that kind of nefarious hacking, instead these managers will manage your account for profit。The problem is that you will share the profits with the manager under a specific contract。

Also, these fund managers can't guarantee 100% easy money for you。That's why you have to be very careful when choosing your investments。To do this, you need to carefully study their trading portfolio。For example, you want to make a huge profit in a short time？Then look for managers with high risks and high returns (rapid growth, nightmare shrinkage)。You want a sense of security？Then choose a conservative manager as you see fit (slow growth, no huge losses)。

In short, it depends on your risk appetite。There are many forms of foreign exchange management accounts.。The most popular is the Percentage Allocation Management Module (PAMM)。

● Advantage

◇ Easy to use。You just move your fingers and let the professionals do the tough market analysis and other work。

Security Protocol。Don't worry about your account security, brokers have a tightly controlled network。But before you join, check out what other users (investors) have said about them。

● Shortcomings

Suspicious identity.。Unfortunately, your knowledge of fund managers is limited to their trading performance。

Not directly involved.。If it ends well, everything is fine.。So hopefully you don't have to intervene too much because you have no say in whatever the fund manager does。

Increasing transaction costs。In addition to the share (percentage) you have to pay, the fund manager will also charge you an additional service commission。

④ Social / Documentary Foreign Exchange Account

What is TA?？

Welcome to social forex trading account, freely copy and trade positions of other traders。Abuse and slander are strictly prohibited。

It's starting to get weird here, but if you like socializing, this could be good。The account allows you to copy the trading positions of other traders (including stop loss and take profit)。

If you are an extroverted (but lazy) trader who always wants guidance from others, then this will be a great boon。Your usual routine is to check the trader's profile and see if his / her trading performance is good enough。Chat with him / her so you can check if his / her transaction history is true。Before that, impress him / her with some nonsense introductions.。Copy trade his / her position and close the deal! After that, you can giggle or pat your forehead based on your own trading results。

● Advantage

of interaction.。Those who are talkative will feel at home, and everyone is happy except that lonely hermit。

Social potential.。Communicating with people can happen a lot, especially with money。

● Disadvantages

The results are difficult to predict.。No one can guarantee 100% success.。So if you want to do that, you have every right to blame, to bash and to discredit a person。In your dreams!

Identity in doubt。Not all traders will disclose their identity。So if you come across a profile with a SpongeBob avatar, you better get used to it。

This will make you dependent on other traders.。This lazy behavior will one day be beaten!

SUMMARY

Starting a real trading adventure is a quest no one can take lightly。To some extent, your success comes from choosing the right forex account。Over time, you will also find another exotic type of forex account。If you find it, please leave a message on this page and I will use it as an update to this article!？